12th Sep 2008 10:26
|
For immediate release |
12 September 2008 |
MILLENNIUM & COPTHORNE HOTELS PLC
(THE "COMPANY")
The Grand Plaza Hotel Corporation ("GPHC"), which is listed on the Philippine Stock Exchange, has today filed a disclosure notice with the Philippine Stock Exchange advising of a dispute with the Philippine Bureau of Internal Revenue ("BIR"). The Company has an effective 66% interest in GPHC.
The BIR has assessed that GPHC is liable for unpaid VAT and accumulated interest in aggregate totalling Philippine Peso 228.9 million (approximately £2.8 million).
The Board of GPHC has taken legal advice which indicates that GPHC is not liable for the VAT and interest claimed.
Enquiries to:
Adrian Bushnell 020 7872 2444
Company Secretary
Millennium & Copthorne Hotels plc
Related Shares:
Millennium & Copthorne Hotels